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U.S. stock futures were once again higher this morning, indicating investors would like to continue yesterday's rally in U.S. markets. Earlier this morning, however, futures were lower as news from Wells Fargo and Freddie Mac kept concerns over the financial and credit markets high. Also today several economic indicators will be in focus and they could change the mood in either direction.

Yesterday, U.S. stocks rallied after an Abu Dhabi $7.5 billion investment from into Citigroup lifted the markets. The Dow industrials rose 215 points, or 1.69%, the Nasdaq Composite rose 39 points, or 1.57%, and the S&P 500 gained 21 points, or 1.49%.

Despite the rally in stocks, bonds didn't decline too much, as they seem to still price in a high chance of a recession.

Today, October durable-goods orders are due out at 8:30 a.m. EST. Economists expect no change from last month. At 10:00 a.m. EST, October existing-home sales will be released with another decline expected. It seems that further confirmation the housing market is in trouble is not necessary, but any surprises to the down side here could still affect markets. At 2 p.m. EST, the Fed will release the Beige Book, which gives glimpses into the state of the economy.
At 10:30 a.m. EST, weekly energy inventories data will be reported. Crude oil futures fell further today to near $94 a barrel ahead of the report as more believe OPEC will consider increasing production to ease record prices.

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Before the bell: Stocks to continue rebound despite further trouble in financial sector originally appeared on BloggingStocks on Wed, 28 Nov 2007 07:43:00 EST. Please see our terms for use of feeds.

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